Colliers has brokered the sale of the St Ives shopping centre and 12 adjoining properties from Iris Capital for $450M to another family investment business making its first foray into the retail market.
The deal was secured by Colliers’ MD, Lachlan MacGillivray, on behalf of EK Nominees and is the group’s first investment in retail property. The 17,475sq m centre houses 105 tenants, including three major supermarkets, Woolworths, Coles and Harris Farm Markets.
“St Ives shopping village is well positioned to benefit from significant tailwinds benefitting the retail sector, specifically the undersupply of retail floorspace in the catchment, combined with critically needed future residential supply, said Sam Arnaout, Iris Capital’s CEO. “The St Ives deal continues the current momentum of landmark Australian retail deals, including Westpoint Blacktown, NSW (c$900M), Macquarie centre, NSW ($830M), Perron retail partnership, WA ($482M) and Northland, Victoria ($385M),” said MacGillivray.
